Unico American Corporation, an insurance holding company, has reported that its revenues for the fourth quarter ended December 31, 2007 decreased to $12.26 million from revenues of $13.32 million in the comparable quarter of 2006.

Net income of the company for the quarter was $1.76 million, or $0.31 diluted income per share, a drop as against the net income of $5.74 million, or $1.01 diluted income per share, recorded in the 2006 quarter.

Revenues for the 12-months ended December 31, 2007, were $50.22 million compared with revenues of $54.72 million for the 12-months ended December 31, 2006. Net income was $6.61 million for the full year 2007 compared with a net income of $11.79 million for the 12-months ended December 31, 2006.

Erwin Cheldin, chairman and CEO of Unico, said: During 2007, Unico continued to improve shareholder value in the midst of a soft insurance environment. We increased book value per share, maintained an excellent loss ratio, and produced a solid return on equity.